Mumbai-based Incredible Technologies, which owns online motorcycle platform CredR, has raised an undisclosed amount in a debt funding round from venture debt firm Stride Ventures.
The funding comes five months after CredR raised $6 million from Omidyar Network and existing investors, which include Eight Roads Ventures, AngelList, Growth Story and venture debt firm, Blacksoil Capital.
So far, the used two-wheeler platform has raised nearly $20 million, according to data from VCCEdge.
CredR plans to use the latest funds to purchase new automobiles, a statement said.
Founded in 2014 by IIT Mumbai graduates Nikhil Jain, Sumit Chhazed and Nitin Mittal, the platform offers second-hand motorcycles via its online and offline stores. It claims to have 45 showrooms in India and also operates buyback offers at outlets of several bike makers such as Hero MotoCorp, Honda, Suzuki, TVS Motor Company, Yamaha, Bajaj Auto, Harley Davidson and Royal Enfield. CredR also offers after-sales services such as servicing and warranties.
Chhazed and Mittal left the company in 2017. Later, Chhazed founded retail automotive leasing company, OTO Capital.
CredR operates in the same space as Droom, Bikewale, which is the motorcycle vertical of CarTrade, along with classifieds such as Quikr and OLX.
“We found an excellent partner in Stride, whose deep connections in the debt ecosystem and experience in the asset financing segment will help us massively to scale our business. We specifically like their approach of thinking like an entrepreneur and not as a conventional lender,” Jain, co-founder of CredR said.
This investment is Stride Ventures’ second investment since the first close of its maiden Stride Ventures India Fund in December. At the time, Stride had raised commitments worth $14.7 million, nearly one-fifth of its final target amount. Its first investment was in agritech startup Stellapps Technologies, which offers digital supply chains solutions in the dairy sector.
Founded last year by former investment banker Ishpreet Singh Gandhi, the venture debt provider aims to invest in up to 40 startups in the next three years. A Delhi School of Economics graduate, Gandhi has earlier worked with Citibank, Kotak Mahindra Bank, YES Bank and IDFC Bank. Other partners in the firm include Avtar Monga, Abhinav Suri and Sunil Kalra.